15 January 2008 | Paul Snell
The rising cost of food and fuel has pushed output prices up 5 per cent higher than 12 months ago, according to government figures.
When more volatile sectors, such as food, tobacco and oil industries, are excluded, output prices are still 2.5 per cent higher compared to this time last year.
Figures revealed the cost of oil products has jumped by more than 20 per cent in the past 12 months. The cost of food has also risen by just under 7.5 per cent.
The Office for National Statistics added that input prices paid by buyers for materials are now 11.3 per cent higher than this time last year, an increase of 1 per cent compared to November.
According to the latest CIPS/NTC Purchasing Managers' Indices (PMI) for December, output prices continued to grow in both the manufacturing and service sectors. Prices were at their highest since March in the service profession, reaching 54.5. Prices in the manufacturing industry recorded 55.6.